Everything employers need to know about providing comprehensive life insurance coverage for their employees.

Your workforce is your organization’s greatest asset. Providing robust employee benefits fulfills key statutory requirements under the Nigerian Pension Reform Act while demonstrating genuine commitment to your team’s long-term well-being.

What is Statutory Group Life Insurance?

Under Nigerian law, qualifying employers must maintain a Group Life Assurance policy for their staff. This policy guarantees a financial payout to an employee’s designated beneficiaries in the event of death while in service, permanent disability, or critical illness.

Key Essentials for Employers:

• Minimum Cover Requirement: Policies must provide a sum assured equal to at least 3x (three times) the employee’s total annual emolument (basic, housing, and transport).
• 24/7 Global Protection: Employees remain covered 24 hours a day, 365 days a year, whether on duty, at home, or traveling internationally.
• Tax Deductible Premium: Group life insurance premiums count as allowable business expenses, providing tax advantages for your business.

Liberty & Trust’s Life & Pension Division helps corporate organizations structure compliant, cost-effective Group Life Assurance plans that protect your staff and keep your business legal.